Billionaire Richard Branson has issued a stern warning to the United States, arguing that President Donald Trump’s tariff policies could lead the nation toward economic disaster. Writing on X, Branson urged the administration to reevaluate its approach swiftly, stating, “The US government can still turn things around, but it must act in the next few hours.” This plea comes amid increasing global tension over the tariffs, with markets reacting negatively worldwide.
The White House has dismissed reports suggesting a temporary pause on the tariffs, with Press Secretary Karoline Leavitt labeling such statements as “fake news.” President Trump, through his social media channels, has doubled down on the tariff campaign, arguing that the current trade deficit of $1.9 trillion is unsustainable. His strong stance has continued to reverberate through global markets, igniting fears of a recession.
Canadian officials have responded by taking legal action against the U.S., filing a dispute with the World Trade Organization over the 25% tariff on auto imports. This move underscores the growing international backlash against the Trump administration’s trade policies. Likewise, the European Union, led by President Ursula von der Leyen, is preparing to reinforce its trade portfolio beyond the U.S., as member states express readiness to negotiate while simultaneously preparing countermeasures.
The impact is also rippling through domestic markets, with Tesla shares experiencing a significant drop, a surprising turn given recent endorsements from U.S. Commerce Secretary Howard Lutnick. Meanwhile, Jamie Dimon, CEO of JPMorgan Chase, has forecast that the tariffs will likely lead to inflation and heighten recession risks, cautioning against the short-term effects of the policy.
Elon Musk, a notable supporter of President Trump, has broken ranks by advocating for free trade. Sharing a video of economist Milton Friedman, Musk has signaled his disagreement with the administration’s tariff strategy, promoting a future with zero-tariff policies between the U.S. and Europe.
As tensions continue to mount, President Trump has celebrated the recent decline in oil prices as a victory, despite warnings that these drops are driven by fears of decreased demand amid recession risks. The President’s recent statements highlight a contentious global trade atmosphere, with retaliatory actions, particularly from China, exacerbating the situation.
Trump’s schedule continues unabated; he is set to host the Los Angeles Dodgers at the White House before meeting with Israeli Prime Minister Benjamin Netanyahu. Meanwhile, corporate America remains on edge, with a CNBC survey indicating that a significant proportion of CEOs anticipate potential job cuts due to the tariffs. As the situation develops, economists and analysts alike are closely monitoring the far-reaching effects of the U.S. trade policies, which have left an indelible mark on both the domestic and global stages.
Original Source: https://www.cnbc.com/2025/04/07/trump-tariffs-live-updates-stock-market-crypto.html
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Publish Date: 2025-04-07 20:52:00
